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MI HB4541
Bill
Status
5/5/2015
Primary Sponsor
Anthony Forlini
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AI Summary
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Increases the maximum account balance limit for Michigan education savings accounts from $235,000 to $500,000 per designated beneficiary.
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Prevents the program from accepting new contributions to any account once the total balance for a designated beneficiary reaches the $500,000 maximum, but allows existing accounts to continue accruing earnings without penalty.
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Includes payments required under Michigan Education Trust (MET) advance tuition payment contracts in the calculation of total account balance for purposes of the maximum limit.
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Takes effect 90 days after enactment into law, contingent upon concurrent enactment of House Bills 4542, 4543, and 4544.
Legislative Description
Individual income tax; other; cap on Michigan education savings accounts; increase. Amends sec. 10 of 2000 PA 161 (MCL 390.1480). TIE BAR WITH: HB 4542'15, HB 4543'15, HB 4544'15
Individual income tax: other
Last Action
Referred To Committee On Finance
6/3/2015